Three pages on this so far and I'm the first to enter a correct definition.

Chicken-Shit or Chickenshit: Slang.

1. Adj.; Used to describe a type of action in which a person or otherwise inclined entity attempts to belittle, assault, injure, or harass another individual or group of individuals while hiding his true identity or location or by otherwise making himself/herself unavailable immediately after the initial action.

2. Noun.; Along the same lines following the scenario (1)described below, it would not be uncommon for people to refer to Steve as "Chickenshit".

1. Example: Steve, while driving to the liquor store for another 40 oz., sees Frank walking his dog. Knowing that Frank is "on foot" and will not be able to give chase, Steve yells "PUSSY!" from the half inch opening at the top of his limo-black tinted window. (no points! see: Yucaipa)

In this scenario Steve's actions would be considered "Chicken-Shit".

2. Example: "Oh, there goes Chicken-shit. Probably going for another 40 oz. of Old English."

A) Archaic (WWII-era) army slang for someone whose brand of shit was too small-minded and lame to be called bullshit or horseshit. This was typically an obnoxious, petty tyrant of an officer, particularly the kind who liked to push people around with made-up rules and regulations. Best exemplified in popular culture by the character of Frank Burns on M.A.S.H.

B) A coward; basically calling them chicken, with a 4-letter word tacked on for emphasis.

(Please note that these two definitions CAN overlap.)

A) "All through your Army careers, you men have bitched about what you call 'chicken shit drilling'." - George S. Patton, 1944